Statement of financial transaction-005 time deposits

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies whether individuals with time deposits exceeding Rs 30 lakhs, as reported in Form 26AS, must file Form 61A. According to ClearTax, individuals with bank transactions above Rs 30 lakhs and businesses with turnovers exceeding Rs 50 lakhs are mandated to file an SFT return. The query seeks confirmation on this requirement given the client's substantial time deposit.

roshan

roshan (Querist)
Follow

17 August 2020 Client is having time deposits of rs 5148865 STF-005 as per 26 AS,is it compulsory to file form 61 a
Is income tax portal updated for individuals having bank transactions above 30 lakhs

CA Raj Doshi

CA Raj Doshi (Expert)
Follow

18 August 2020 Query is not clear

roshan

roshan (Querist)
Follow

18 August 2020 Sir is it compulsory to file form 61 a for individual if Client is having time deposits of rs 5148865 (STF-005 )as per 26 AS
Thank you

roshan

roshan (Querist)
Follow

18 August 2020 As per clear tax-it is to be noted that the following persons should file their SFT return mandatorily:

A person having bank transactions above Rs.30 lakhs
All professionals and business having turnover above Rs 50 lakhs

I wanted clarification on the same ,since time deposit exceeds 30 lakhs

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now